Impact Minerals Limited (ASX: IPT) has announced highly encouraging assay results from the previously drilled diamond drill holes at the Red Hill prospect within its Broken Hill Project in New South Wales.
The company said that the new assays for rhodium, iridium, osmium, and ruthenium in 7 drill holes add to previous high-grade assays for palladium, platinum, and gold (7PGE).
IPT reported intercepts of 29 metres at 10.9 g/t 7PGE, 2.3% copper, 0.4% nickel including 0.6 metres at 54.5 g/t 7PGE; 147 g/t silver; 29.7 g/t palladium; and 19.2 g/t platinum. The company also uncovered additional narrower intercepts of 3.9 metres at 5.5 g/t 7PGE 1.4% copper 0.3% nickel including 0.5 metres at 14.5 g/t 7PGE.
Impact Minerals said that these add to the previous outstanding result of 3.5 metres at 162.4 g/t 7PGE, 2.3% copper 2.9% nickel including 1.2 metres at 335.8 g/t 7PGE.
The company noted that the tenor of mineralisation at Red Hill has been significantly upgraded at a time of near-record prices for the PGE’s, with rhodium currently valued at A$10,000/oz and iridium currently valued at A$2,400/oz.
IPT announced that 12 out of 13 drill holes at Red Hill returned significant PGE results within 100 metres of surface. The company said that follow up drill programme is being designed.
Broken Hill project
The Broken Hill Ni-Cu-PGE Project is located 20 km east of the World Class Broken Hill silver-lead-zinc mine in New South Wales, and consists of one Exploration Licence (EL7390) covering 200 sq km in the south east part of the richly mineralised Curnamona Province.
The Red Hill Mine occurs in ultramafic rocks that cross cut deformed and metamorphosed rocks of the Broken Hill Group. Significant prospects within the Broken Hill project includes Platinum Springs, Little Darling Creek, Mulga Springs, and the Red Hill prospect.
Diamond drilling at Red Hill prospect
The company had recently completed a 13-hole diamond drilling program at the Red Hill prospect within the Broken Hill project.
The drill holes were only assayed for palladium and platinum. A total of 12 out of the 13 drill holes completed had returned robust widths and grades of these two PGE’s together with significant gold, copper, nickel, cobalt, and silver credits.
High-grade previous intercepts
The company reported that the hole RHD012 had returned 3.5 metres at 162.4 g/t (5.3 ounces) 7PGE comprising 5.7 g/t rhodium, 2.6 g/t iridium, 2.0 g/t osmium, 1.1 g/t ruthenium, 144 g/t (4.6 ounces) palladium, 5 g/t platinum, 6 g/t gold, 2.9% nickel, 2.3% copper and 14.5 g/t silver from 67.3m down hole.
This intercept also included a vein of very high grade mineralisation that returned 1.2 metres at 335.8 g/t (10.8 ounces) 7PGE comprising 4.6 g/t rhodium, 7.2 g/t iridium, 5.6 g/t osmium, 3.1 g/t ruthenium, 294 g/t (9.5 ounces) palladium 10.4 g/t platinum, 10.9 g/t gold, 7.4% nickel, 1.8% copper and 19 g/t silver.
New evaluation for 7 DD holes
IPT said that among the 13 holes, seven holes with high grades of palladium and platinum were selected for full-suite PGE analysis by fire assay (with nickel sulphide collection) for rhodium, iridium, osmium, ruthenium, palladium, platinum, and gold.
These seven holes include RHD001, RHD006, RHD008, RHD014, RHD015, RHD017, and RHD019. The company said that these particular holes were selected because they intersected up and down-dip extensions of the previously reported spectacular intercept from hole RHD012.
Exceptional assays for the rare PGE’s
Impact Minerals announced that all seven drill holes returned exceptional assays for the rare PGE’s.
The company said that the extensive nature of the rare PGM’s in the seven drill holes suggests it is likely that the other five mineralised holes drilled at Red Hill will also contain the same metals. This is important for future metallurgical process test work.
Some of the stand out results include 29.0 metres at 10.9 g/t 7PGM comprising 0.8 g/t rhodium, 0.9 g/t iridium, 0.8 g/t osmium, 0.8 g/t ruthenium, 5.1 g/t palladium, 2.5 g/t platinum and 0.4 g/t gold, 2.3% copper, 0.4% nickel and 58 g/t silver from surface from hole RHD008.
The company said that this intercept also included two veins of very high grade mineralisation that returned 0.6 metres at 34.5 g/t (1.1 ounces) 7PGM comprising 7.2 g/t rhodium, 7.0 g/t iridium, 5.2 g/t osmium, 3.8 g/t ruthenium, 4.0 g/t palladium, 7.9 g/t platinum, 0.07 g/t gold, 5.2% copper, 1.2% nickel and 8 g/t silver from 13.0 metres; and 0.65 metres at 54.5 g/t (1.7 ounces) 7GM comprising 0.9 g/t rhodium, 1.2 g/t iridium, 0.9 g/t osmium, 0.5 ruthenium, 29.7 g/t palladium, 19.2 g/t platinum, 2.1 g/t gold, 12.2% copper, 0.5% nickel and 147 g/t silver from 27.7 metres.
Other Bulk-mineable intercepts include 25 metres at 5.7 g/t 7 PGE 0.9% copper, 0.6% nickel including 0.5 metres at 24.5 g/t 7PGE in RHD006; 32 metres at 5.2 g/t 7PGE 1% copper 0.5% nickel including 1.2 metres at 17.9 g/t 7PGE in RHD001; and 14 metres at 3.3 g/t 7PGE 0.3% copper 0.4% nickel including 0.6 metres at 10.4 g/t 7PGE in RHD017.
The company also reported additional narrower intercepts of 3.9 metres at 5.5 g/t 7PGE 1.4% copper 0.3% nickel including 0.5 metres at 14.5 g/t 7PGE in RHD015; 6.3 metres at 5.6 g/t 7PGE 0.9% copper 0.5% nickel including 0.5 metres at 15.2 g/t 7PGE in RHD019; and 4.7 metres at 6.1 g/t 7PGE 0.6% copper, 0.5% nickel including 1.6 metres at 9.7 g/t 7PGE in RHD014.
The company said that these new PGE results confirm again that the mineralisation at Red Hill and other prospects in the Broken Hill area such as Platinum Springs and Little Darling Creek, is exceptional even on a global scale. This is because it is unusual to get such high grades of all the PGE’s together, and in addition it also contains gold.
The company said that at Red Hill, the mineralisation extends over a strike length of at least 100 metres and down to a depth of about 60 metres below surface. It is open along trend to the north and south as well as at depth.
Near record prices for the PGE’s
The tenor of mineralisation at Red Hill has been significantly upgraded at a time of near record prices for the PGE’s. The prevailing prices of PGE’s are as below: Rhodium ($6,700, A$10,000), Iridium ( $1,575, A$2,444), Osmium ($400, A$637), Ruthenium ($270, A$420), Palladium ($1,750, A$2,720), Platinum ($780, A$1,210), and Gold ($1,700, A$2,642).
The company announced that the follow up work programmes will be subject to interpretation of results which is ongoing.
IPT reported that a detailed review and synthesis of the previous drilling is underway to help design a follow up drill programme which will be undertaken as soon as practicable following the issue of statutory permissions. The company said that a Land Access Agreement has been completed with the land owner and there are no Native Title issues.